The metaverse is all around us, you can’t enter a boardroom without it being on everyone's lips. It's presenting new opportunities for businesses to build their brand, and be creative and engaging with their content.
Every year, $54 billion is spent on virtual goods in the metaverse according to JP Morgan. In this post, we are going to explore how businesses can use the metaverse to boost profits through creative branded content along with how you can navigate what is hype versus reality.
How Can You Harness the Metaverse to Build Your Brand?
As we become more digitally connected, businesses have to find a way to strike the optimal balance between physical and digital consumer experiences.
The metaverse and Web 3.0 is energising the technological landscape and early adaption will be key for businesses that want to meet consumer demands and stay ahead of competitors.
The adoption of non-fungible tokens (NFTs), decentralized finance (De-Fi), and the metaverse will continue to accelerate over the coming years and now is the time to capitalise on the opportunity and build your brand in these new landscapes.
Content and experience in the metaverse com in layers:
The metaverse is giving businesses a way to build deeper connections with their audiences and establish branding in this new space.
According to Gartner, 60% of consumers familiar with the metaverse engage in metaverse activities today. In addition, 95% of business leaders expect the metaverse to have a positive impact on their industry within five to 10 years.
One of the major applications for brand growth in the metaverse is using it as a platform for branding.
Currently, brands are executing a variety of highly creative concepts such as games and digital apparel along with fashion shows and other events.
The biggest challenge your brand will face in establishing yourself in the metaverse is the scale of adoption and fragmentation.
The metaverse is in its early days and as with many other technologies the start is slow but we expect to see mainstream adoption in the future.
The majority of the metaverse worlds, even the most popular ones such as Fortnight and Roblox, have 30million and 37million daily active users respectively. If you compare this to the 500 million on Instagram, it pales in significance. But the growth is steady and in the next 5 to 10 years we will see the metaverse overtake social media.
The principal value, for now, of the metaverse, comes from the public relations and social media that surround these branding efforts. In the beginning, you will find that marketing and branding in the metaverse are resource-intensive and time-consuming for the ROI they deliver. However, as the user base grows so will your brand awareness and profits.
One of the industries that stands the most to gain from metaverse content creation is education. But educational content can be found across all kinds of sectors – your business simply has to get creative and understand what your audience wants to learn and what skills they want to develop.
Learning by doing is an approach that can be highly effective in education as it often makes it easier for students to retain information.
The immersive world that the metaverse offers means that brand content creators can let their audience participants practice various skills in a safe environment. For example, you can offer product training or interactive webinars.
The metaverse also offers an opportunity for international teams to learn and connect in the virtual space.
Not only could this support development and culture within your brand and improve the experience for your employees, but it could also reduce employee travel for training or social events.
The metaverse has great future potential for brand marketing and content creation. To create value across your organisation, you must think about the potential strategic implications of investing in metaverse content creation not only for customer experience but for future growth, talent acquisitions and employee training too.
See inspirations here:
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